The greatest game in town

For many years now the greatest game in Sydney has been real estate. Buying and selling, renovating, borrowing, negative-gearing, raking in massive profits in the usually booming property market.

The other great game is attending auctions. They're always good entertainment. Full of drama and suspense. A great show, whether you've a personal interest or not.

We went along to an auction today in the Northern Beaches suburb of Collaroy. And I did have a personal interest. It was the sale of the two bedroom unit of an old friend of mine. John was a funny old chap. He was an eccentric hoarder, and when he died early this year his flat was frankly rather grotty. A hoarder's hovel, at first sight unsaleable, you'd think.

Fast forward a few months, and with the Herculean efforts of John's friend and will-executor Marcel, it's a whole new ball game. Just look at what he's created!

Every Saturday there are suggestions that the real estate bubble might have finally burst. One day it will. But not today, apparently.

LOTS of people turn up. Many of them are serious bidders. It starts at $700,000, and moves rapidly up in $20,000 increments. Seven or eight bidders are fighting it out. It goes to $5K increments, then $2K, and eventually one thousand dollar increments, and only two couples are left. All heads are swinging right, left, and right again, and then, on the third count, it's "SOLD!" For $844,000 in fact.

John paid $96,500 for it in 1986, so he's done alright. Pity he's not around to enjoy today.











Here's a triumphant trio of auction organisers.